Leggett & Platt to acquire aerospace manufacturer

Carthage-based Leggett & Platt Inc. has signed a definitive agreement to acquire Kirkland, Wash.-based Western Pneumatic Tube Holding LLC for roughly $188 million. The acquisition is subject to regulatory clearance and is expected to close by Jan. 31.

Western Pneumatic Tube, which manufactures titanium, nickel and other specialty materials for the aerospace industry, has annual sales of approximately $60 million. The company also operates a facility near San Diego, according to a Dec. 20 news release from Leggett & Platt.

"Given Western's competitive position and Leggett's familiarity with tubing manufacturing and metalworking processes, this acquisition - our largest since we changed strategic direction in late 2007 - is an excellent match for Leggett," Leggett & Platt President and CEO David Haffner said in the release, referring to an initiative set in place by Leggett & Platt that calls for 4 percent to 5 percent growth per year.

The Western Pneumatic operations would be considered a stand-alone business unit within Leggett & Platt's Industrial Materials segment.

Publicly traded Leggett & Platt (NYSE: LEG) manufactures engineered components and products for homes, offices and vehicles.

Leggett & Platt shares were trading at $22.49 as of 9:24 a.m., compared to a 52-week range of $17.80 to $26.95.